Help Needed

[squarebob]

Can anyone let me know whether Contractual Interest is applied to the charges which have accrued from the Alliance & Leicester?

 

If Contractual Interest is applied, is it applied to each charge or just the Total amount?

 

Finally if Contractual Interest is to be applied, then what rate of interest should be used?

 

Cheers

[blimeyboy]

Its up to you whether you go for CCI (compounded contractual interest) or not.

If you do go for it the interest is applied to each charge not the total amount (basically you cannot just ad xx% to your claim) you need to work it out using the spreadsheets here :

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/182-6-interest-calculation-spreadsheets.html

 

If you choose to go for 8% stat interest this cannot be added until you issue a court claim and again those spreadsheets need to be used to work it out

[Harrassed&Hopefull]

May I piggy back this thread with another question. However first Squarebob I would recommend the spreadsheet from Mindzai, on this site, you can enter your interest rate either contractual or statutory but it is set up for only one cont. rate throughout, so I just used the current rate that A & L charge. I think this is a bit lower than it was so am not overclaiming!

 

WHAT DOES NOT APPEAR CLEARLY is this;

 

Can the contractual rate be claimed on the entire illegal penalties where the account had no overdraft facility and thus the only interest charged is for the times an account is in overdraft. In my case these times were short as I then did what I termed 'stuffing' i.e. stuff some funds into the account to restore it to credit, thus saving more charges.

So in this situation the interest charges were minimal being for short periods and small sums. Can one therefore claim the contractual interest though not charged to me on the basis of reciprocal-osity (!) and maybe on loss of use of the funds and costs of 'making arrangements' to produce and 'stuff' the funds into the account.

[ripoffstopper]

Hi Squarebob I'm also after the CI rate for a claim I have against A & L my thread can be found @ RIPOFFSTOPPER to take on A & L

The following link doesn't give CI but it does give current and recent A & L rates. Might be worth a look.

Current account interest rates and charges from Alliance &amp Leicester

 

Cheers and good luck ROS

[ripoffstopper]

Squarebob I meant to say, use the spreadsheet link below its excellent and easy to use with clear notes and instructions.

As contractual interest is compounded it is added to every charge from the date the charge was incurred.

After entering the rate at the beginning of the spreadsheet it will apply the charge for you automatically whenever you enter a new penalty charge onto the sheet. The totals due can be scary depending on the rate used.

http://www.consumeractiongroup.co.uk/forum/general/51736-excel-contractual-interest-spreadsheet.html "download v1.9"

Cheers buddy ROS

[thesergeant]

All & Pester have charged a number of rates over the years, these need to be used in calculating your interest claim ..............

 

Jun-93 Sep-01 29.80% Oct-01 Nov-02 12.50% Dec-02 13-Jan-05 16.08% 14-Jan-05 Present 17.08%

 

Good luck :D